Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Urban Glam Cosmetics made purchases of lipstick in the current year as follows: Jan. 1 Beginning inventory Mar. 14 Purchased July 30 Purchased Units available

image text in transcribed
image text in transcribed
Urban Glam Cosmetics made purchases of lipstick in the current year as follows: Jan. 1 Beginning inventory Mar. 14 Purchased July 30 Purchased Units available for sale Cost of goods available for sale 101 units @ $13.00 - $ 1,313 380 units @ $14.ee 5,320 630 units $15.00 9,450 1,111units $16,683 Urban Glam Cosmetics made sales on the following dates at a selling price of $36 per unit Jan. 10 83 units Mar. 15 310 units Oct. 5 580 units Totals 973 units Required: The business uses a perpetual inventory system 1. Determine the costs that should be assigned to the ending inventory and to goods sold under the following methods. (Do not round intermediate calculations. Round your final answers to 2 decimal places.) Fndinn Inventor Cost of Goods 1. Denne de Costud should be assigned to be enog livenolyan w youus Sold under the Towing us. 10 HOTU intermediate calculations. Round your final answers to 2 decimal places.) Ending Inventory Cost of Goods Sold a FIFO b Moving weighted average 2. Also calculate the gross profit under each method. (Do not round intermediate calculations. Round your final answers to 2 decimal places.) Gross Profit a FIFO Moving weighted average

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Accounting

Authors: Karen Braun, Wendy Tietz, Louis Beaubien

4th Canadian Edition

013544344X, 9780135443446

More Books

Students also viewed these Accounting questions